Research On The Market Effect Of High Transfer Of Listed Companies In China

For a long time,the dividend policy is the core research area of corporate finance,and the research related to dividend policy has been endless.In this paper,the 2010-2016 annual report for every 10 shares for more than 10 shares to send a total of 1497 eligible listed companies research object,will send a proposal to announce the date of the event as the event day,giving priority to using event research method listed companies to send high transfer notice After the day of excess returns and cumulative excess return rate analysis to find the pre-announcement day before and after the different performance of the yield;Thirdly,this article also studied the GEM,Shenzhen Stock Exchange and the board of the board more than the transfer of excess returns Finally,through the existing theoretical analysis,find out the factors that may affect the listed companies to send or not,and use the logit model to regression test,and put forward the conclusions of this paper and the related suggestions.Conclusion as below:(1)In the case of stocks with "high bonus delivery",their excess returns do exist in the vicinity of the planned release date.In other words,the excess return exists not only before the announcement date,but also after the announcement date More significant before the announcement of the plan;(2)When the market environment is relatively good,the excess return data of high sending and selling stocks are more obvious,for example,2014 and 2015 are better than other years;(3)In accordance with the different sectors to be divided,this paper carried out in-depth study of different years of sending money to send stock,and the Shenzhen Stock Exchange,Shenzhen Stock Exchange and the listed company to distinguish from the study found that the high transfer of shares Turnover proceeds,due to the different sections,on the whole,the Shanghai and Shenzhen stock exchange sent to the company is relatively easy to obtain a significant positive excess return rate.(4)From the factor of high delivery,logit regression analysis shows that the data of the domestic stock market provide strong support for the hypothesis of equity expansion and hypotheses of the low-price stocks.It points out that listed companies carry out "high delivery" The goal is to cater to investors' irrational preference for low-priced stocks,to obtain low-price premiums by reducing their share prices and to increase liquidity by expanding their share capital.In this paper,we will make a research on the market effect of the notice of high delivery and transfer,in order to show the latest policy of high delivery and return on dividends in the domestic securities market and the related impact results.Finally,from the perspective of regulators,listed companies and investors,The phenomenon of sending stocks to high,made the relevant recommendations.